WAVES Development Update

Development Update

Testing continues, with the core devs running a new version of Waves
that should be released to testnet for public feedback in the coming
days. This includes network layer improvements, better peer data and
error handling, network traffic optimisation and tweaks to the consensus
algorithm.

The delays from previous ETAs have been caused by issues in Scorex coming to light. Fixing these entailed rewriting the Scorex network layer almost from scratch; eventually around 90 percent of Scorex as used in Waves will be rewritten.

We
are also working on the mobile application, which needed a full revamp
to adapt to that media type. Token creation is still pending, at which
point this too will be implemented in the new mobile GUI.

Accounting

Waves
has been moving its bitcoins from Coinbase, where they were held during
the ICO, into cold storage for additional safety. This has to be done
in batches, since a maximum of 2,500 BTC can be withdrawn at a time. You
can see our BTC reserves in the following addresses:

1,000
BTC was exchanged for Waves, providing support for the market and
allowing investors to exit their ICO stake if they wanted. A further
4,000 BTC was sold for fiat to pay for ongoing costs — this occurred
before the bitcoin halving, at a historically high exchange rate. Waves’
burn rate is surprisingly low by industry standards and the bitcoin
reserves we have should last for years. Current expenditure is generally
between $50,000 and $60,000 per month. A breakdown of costs for last
month (August) has been included below.